Are you tired of seeing your sales drop despite investing more money in resources?
In my experience working with start-ups, SMEs and corporate organisations, your business is potentially making the common mistake of retrofitting your client needs to your business product portfolio.
You may have added products and partners throughout the years that focus on making your portfolio bigger and better.
Is it possible, you forgot that the person buying these products is not your internal team?
It is your Customer. They care about how you help them achieve their goal, not that you have just launched a new version upgrade which integrates with the latest cloud app… that they don’t use… and you want to charge them for….
So how can you turn this around? How do you stop spending money to only see the sales results decline?
I suggest you start with this structured approach:
- Take time to understand who your ideal customer is – if you have more than one, that’s fine but have very clear identities for each. A tool which I like to use is the Customer Avatar
- What are they looking to achieve? In other words, what are the jobs to be done, and of those jobs, which ones are highest value to them? Strategyzer have a great framework called the Value Proposition Canvas. Workshop with your team (sales and marketing and the delivery team) to map this out. Let me know if you’d like me to facilitate.
- USE IT. Don’t run workshops and then park the material. You now need to ask the question:
does each product / service set in our portfolio currently achieve this high value goal for my ideal client?
If so, keep it. If not, stop offering it. This can be difficult, especially if you are in a traditional industry. But if you don’t, you will keep the company carrying unnecessary baggage which adds costs, in terms of resources and lost opportunities to innovate.
- Find the gap: where is the opportunity to increase your value to your ideal client? For example: New partner? New application of your product/service set? New product/service set?
- Communicate how you help your customer solve their problem effectively and consistently via the appropriate channels. Target. Target. Target.
In the words of Steve Blank, “Get out of the building” and talk to those you are helping. Also – get facts, not opinions. Opinions do not qualify you to make strategic decisions about your portfolio or your customer.